Bitcoin Held Below $65,000 as cbBTC Trading Volume Spikes: What’s next for BTC?

Posted on September 26, 2024 by Dalmas Ngetich

Bitcoin is flat at press time, unable to break the $65,000 and $66,000 resistance zone. Although sentiment is bullish, supporting buyers, the inability of the coin to print higher highs is a concern. As things stand, the path of least resistance, in the short-term, remains northwards. However, for this preview to hold and the trend to strengthen, prices must not only stay above $60,000, but buyers must also decisively break $66,000. Preferably, the leg up must be with rising trading volume, signaling participation.

Traders are confident, but the last day’s lull means engagement is suffering. So far, coin trackers show that Bitcoin is steady in the past 24 hours but up nearly 3% over the previous trading week. At the same time, the average trading volume is low but decent, standing at over $24 billion.

The following Bitcoin news events might influence price action:

Considering MicroStrategy’s performance since its decision to accumulate BTC, buying Bitcoin could be the best strategic asset for public companies. The coin is up by over 230% over the last year but MicroStrategy shares are up by over 6.5X.
Less than two weeks after their launch, cbBTC represents nearly 50% of all wrapped Bitcoin volume transfers. The token is now more popular than wBTC.

Bitcoin Price Analysis

[[BTC/USD]] is steady and bullish at press time.

Even though the uptrend remains, buyers have been shaky.

The momentum (and volatility) is waning since bull bars are diverging from the upper BB.

Looking at the daily chart, there could be more opportunities to explore if there is a decisive, high volume close above $66,000.

Aggressive traders can still consider longs on dips as long as prices remain above $60,000.

On the other hand, conservative, risk-off traders can wait for a clean break above $70,000 before considering longs, targeting all-time highs.

Ethereum Struggling Below $2,800: Is This Due To The Untimely Launch of Spot ETFs?

Posted on September 26, 2024 by Dalmas Ngetich

Ethereum is down at press time and within a narrow range. Technically, the downtrend remains. The coin is within a descending channel and will require bulls to press on firmly, ideally above $2,800. Macroeconomic factors may be risk-on after the rate cut, but ETH is slow to respond. Meanwhile, there have been massive outflows from spot Ethereum ETFs coupled with an inflationary coin, wiping and heaping pressure on buyers. Unless buyers take over and reclaim $3,000, bears will have the upper hand in the short to medium term.

Traders are confident of what lies ahead. The problem is that this optimism is not showing on the daily chart. Presently, the second most valuable coin is steady in the past day but due to progress last week, it is up 8%. The lull over the last day shows an engagement that shrunk to around $14 billion.

The following Ethereum news developments are trending:

After weeks of worrying outflows, spot Ethereum ETFs registered net inflows of $62.4 million yesterday. The inflow is massive and could help prop up the coin that’s under siege.
Bitwise CIO Matt Hougan thinks the launch of Spot Ethereum ETFs came in too early. If issuers or the United States SEC had waited one more year, inflows would have been more substantial. Although he expects the product to succeed, there are general concerns due to its slow start.

Ethereum Price Analysis

[[ETH/USD]] is weak at spot rates.

The coin is above $2,400 and inside the September 17 to 23 trade range, a net positive.

As long as the support holds, traders can consider longs, targeting $2,800.

All the same, traders should be cautious.

The path of least resistance from a top-down preview is downward.

Ethereum is within a descending channel.

Once prices spike above $2,800, it would mark the start of a leg-up that may propel ETH to $3,500.

XRP Is Flat But Analysts Project A 250% Surge to $1.5 in 2 Months

Posted on September 26, 2024 by Dalmas Ngetich

XRP is moving horizontally at spot rates, stuck inside the $0.55-$0.57 support on the lower end and $0.60 on the upper end. Even though there are high hopes that buyers will take control, the short and medium-term trends favor sellers. This outlook will rapidly change once there is a high volume close above $0.60, sparking a wave of demand and confirming gains of mid-September. For now, traders can adopt a wait-and-see approach, aware that buyers are at a pole position thanks to the uptick of July. The surge still defines the current trend.

The flat price action in the daily chart means sellers are attempting to slow down buyers. At press time, XRP is mostly stable. At the same time, the average trading volume—a gauge of investor/trader interest—is at around $1 billion—and still stable.

Traders are watching out for the following XRP and Ripple news:

Chris Larsen, the co-founder of Ripple, recently moved 430 million XRP. The transfer, sifted through various exchanges and wallets, is a concern for traders. It remains to be seen whether this stash will be sold or held.
One analyst is bullish on XRP, expecting the coin to hit $1.5 by the end of the year. Anchoring this belief, the analyst points to the increasing influence of cross-border payments. Moreover, Ripple continues to strike quality partnerships.

XRP Price Analysis

[[XRP/USD]] is flat at spot rates.

As long as the $0.55 to $0.57 support is valid, traders can consider longs on dips.

However, there will be clearer opportunities for trend continuation should XRP surge above $0.66.

In that case, Ripple buyers may roar to $0.74. If this happens, the possibility of the coin more than doubling to $1.5 could be possible.

If, on the flip side, sellers take over, forcing prices below $0.55, XRP may fall to September lows of around $0.50.

Forex Signals Brief September 26: Another SNB Rate Cut

Posted on September 26, 2024September 25, 2024 by Skerdian Meta

Yesterday started with the CPI inflation report from Australia, which showed an 8-point decline in August, with the headline number falling from 3.5% to 2.7%. This further indicates that inflationary pressures are slowing across the globe. That didn’t hurt the Aussie much as [[AUD/USD]] continued higher, however, the bullish return of the USD later in the day did hurt this pair, sending it almost 1 cent lower until late US session.

Continue reading “Forex Signals Brief September 26: Another SNB Rate Cut” →

Forex Signals Brief September 25: Australian Inflation Highlights the Day

Posted on September 25, 2024September 24, 2024 by Skerdian Meta

Yesterday morning, the Reserve Bank of Australia (RBA) provided support for the AUD during the Asian session by maintaining interest rates at 4.35%, as widely anticipated. This decision kept the AUD/USD pair in positive territory throughout the day. The unexpected announcement of a major economic stimulus by Chinese authorities also fueled a sharp rise in commodities like crude oil and copper, boosting the overall risk appetite and lifting commodity prices and stock markets. The Dow Jones and S&P 500 even hit a new record high.

Continue reading “Forex Signals Brief September 25: Australian Inflation Highlights the Day” →

XRP Stagnates As XRPL Developers Ship Patch, When Will Ripple Break $0.60?

Posted on September 25, 2024 by Dalmas Ngetich

XRP is printing discouraging lower lows at press time, confirming the weakness of the first half of the week. Technically, the uptrend remains, but local support is between $0.55 and $0.57. Buyers should defend this area, allowing aggressive traders to accumulate on dips. A close above $0.60 would be the basis for more gains, possibly to $0.66, confirming gains of September 12. Before then, conservative traders can stay on the sidelines, watching how prices evolve.

As it is, XRP is, from a top-down preview, bullish. However, in the short term, bulls have been struggling, and $0.60 remains unchallenged. Looking at coin trackers, the seventh most valuable coin is mostly stable over the last day and week. Even so, engagement is decent at around $1 billion.

Traders are closely monitoring the following XRP and Ripple news:

The amendment fixAMMv1_1 is now live on the XRP Ledger (XRPL). This update is one of the three that seeks to fix the problem that affected AMM operations on the mainnet.
As crypto finds adoption and institutions embrace the tech, the demand for XRP will be more pronounced, considering its role in payment. Accordingly, one analyst thinks this will be massive as far as price is concerned.

XRP Price Analysis

[[XRP/USD]] is flat at press time.

The coin is also boxed in a tight range even though buyers are in charge.

The immediate resistance is at $0.60.

On the lower end, the support zone is between $0.55 and $0.57.

As it is, traders can consider longs on dips, especially above $0.55.

This will align with the bull bar of September 12 to 14.

However, there will be clear buying signals should XRP break above the September 21 trade range.

The first target, if this happens, will be $0.66.

Ethereum Ceiling: Will the Massive $70 Million Spot ETF Outflows Keep Prices below $2,800?

Posted on September 25, 2024 by Dalmas Ngetich

Ethereum is stable but lower at press time. After the impressive spike on September 23, the slowdown over the last day is a concern, especially after considering the general weakness the coin has shown in the better part of Q3 2024. Although there are pockets of strength, the downtrend remains, at least in the short term. What’s needed for ETH to break out and print a new trajectory is a clean close above $2,800. As it is, the zone between $2,400 and $2,800 is a liquidation area that has proven stubborn for buyers to overcome.

Traders expect the coin to fly in the coming sessions, shaking off the recent weakness. All the same, and as aforementioned, there is strong resistance between $2,400 and $2,800. For now, ETH is stable, adding nearly 13% in the previous week. At the same time, the average trading volume is shrinking, dropping to $17 billion in the last 24 hours.

The following trending Ethereum news events are worth watching:

ETH might be firm, but there are massive outflows from its spot ETFs. According to trackers, over $79 million of ETH-backed shares were redeemed on September 23. The more ETH is withdrawn, the more intense the selling pressure is.
Polymarket, the Ethereum-based predictions market, is looking to raise funds and may launch a token, according to some observers. Reports indicate that the platform is seeking $50 million.

Ethereum Price Analysis

[[ETH/USD]] might be down when writing but still trending above $2,400.

At the same time, ETH is banding along the upper BB, pointing to strong volatility.

As long as prices are above $2,400, aggressive, risk-on traders can consider buying the dips, targeting $2,800.

If fundamental factors, especially rising outflows, dent confidence, traders should watch out for whether sellers will reverse September 23 gains.

Should this be the case, ETH might retest $2,400.

Any uptick in demand, lifting Ethereum above $2,700 would be the tailwinds needed for the coin to fly above $2,800 in a buy trend continuation formation.

Bitcoin Shaky, STHs are In the Money: Will BTC Break $66,000?

Posted on September 25, 2024 by Dalmas Ngetich

Bitcoin is steady at press time, slightly lower from this week’s highs but still bullish. Even though buyers have the upper hand, there must be a convincing close above $66,000 for the uptrend to hold. If not, sustained losses, confirming the doji of September 23 would slow down bulls. Even with the current state of affairs, aggressive traders can load the dips, expecting a resurgence in the coming sessions. Conservative, risk-off traders, on the other hand, can stay on the sidelines until there is a trend definition.

Traders are confident of what lies ahead. Even so, price action is weak and in favor of sellers. Unless there is a sharp explosion above the immediate liquidation levels, bears are likely to flow back and change the short-term trend. In the past day, Bitcoin is stable but up nearly 6% in the previous week. At the same time, the average trading volume is low, at around $30 billion over the last day.

The following trending Bitcoin news events are worth watching:

The Sharpe ratio, which measures the coin’s performance relative to risk-free assets, mostly United States Treasury bills, is rising. What this means is that holders are making money. However, there is still room for growth.
Bitcoin short-term holders are in the green at press time. Having these entities in the money is a net positive and may help prop up bulls in the coming sessions. If prices spring higher, a higher percentage would be in the money, fueling the uptrend.

Bitcoin Price Analysis

[[BTC/USD]] is steady at press time.

The local resistance is at $66,000.

If buyers are to take charge, then they need to close above this level, ideally at the back of rising trading volume.

Any sustained loss below $61,500 could puncture the uptrend, questioning the strength of buyers.

Even so, aggressive traders can consider loading the dips as long as prices remain above $61,500.

Conservative, risk-off traders can wait for a clean trend definition above $66,000 before loading and targeting $70,000.

Ethereum outlook in 2025 is bearish

Posted on September 24, 2024 by Olumide Adesina

Ethereum’s community is relatively bearish on the super altcoin, despite the recent uptick in the price. Users on X have been raised regarding the Ethereum Foundation’s consistent sales this year.

Lookonchain data showed that the Ethereum Foundation sold 100 ETH in September. 22. It has sold 3,566 ETH this year, for a total value of almost $10 million.

Ethereum investors are bearish on some other factors. The supply inflation that occurred since the Dencun upgrade and the activity of Layer-2 solutions isn’t beneficial.

Ethereum’s price has trended downward against Bitcoin since December 2021, leading to a decline of over 50 percent. June 2024 saw an acceleration of the decline as ETH broke out of a long-term horizontal support zone.

However, recent price action showed ETH finally produced a bullish candlestick on a weekly spectrum providing some brief respite. Consequently, The altcoin experienced the largest daily outflow since July 29, which occurred yesterday, when spot Ethereum exchange-traded funds saw large net outflows of $79.21 million.

The Grayscale Ethereum Trust (ETHE) was the main cause of the steep drop with withdrawals totaling $80.55 million.

Based on Sosovalue data, this was the largest withdrawal from the fund since July 31. While the remaining seven spot Ethereum ETFs saw no change in their flows,

Bitwise’s ETHW ETF saw net inflows of $1.34 million, in contrast to ETHE’s performance. Even with the notable withdrawals from ETHE, the combined trading volume of all nine Ethereum ETFs increased to $167.35 million from $139.47 million on Friday.

The projected price range for Ethereum in 2024 is between $2,200 and $3,400. The Federal Reserve’s dovish stance on interest rates may make Ethereum an appealing “yield-generating” asset once rates match ETH’s staking yield of approximately 3.5 percent.

A factor that could improve ETH’s performance is the impending launch of Eigenlayer, a significant Ethereum ecosystem project. Furthermore, a strong wealth effect brought about by the recent rise in popularity of Ethereum-based meme coins such as Neiro, has encouraged more users to purchase ETH and participate in early-stage trading of such assets.

Hamster Kombat price prediction

Posted on September 24, 2024 by Olumide Adesina

HMSTR token price prediction has become a topic of discussion among players, despite the launch being only two days away. particularly following the Binance announcement regarding pre-market trading.

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Pre-market trading prices for each token varied between $0.001 and $0.1, but historical market action made it clear that pre-market trading prices may not be a perfect predictor of the token’s listing price.

A brief price increase is possible with strong demand after the airdrop. In addition, the participation of millions of players globally is anticipated to result in increased volatility.

Maintaining user engagement within the ecosystem is a major challenge for tap-to-earn and play-to-earn platforms, particularly when token performance is subpar., as users in their ecosystems decreased, several of the most well-known play-to-earn tokens, including Decentraland, Sandbox, Gala, and Axie Infinity, saw a huge drop from their all-time highs.

The Hamster Kombat community is unhappy about the details of token allocation. The hype surrounding the tap-to-earn game Hamster Kombat, which debuted this spring on Telegram, is real, regardless of whether you’re one of the millions of diehard fans or you’ve managed to ignore it completely.

Many users are disappointed with the token distribution process and criteria after the Hamster Kombat team posted their announcement on Sunday.

They noted that they expected more tokens in exchange for their time and effort, but instead received fewer tokens than they anticipated. Based on the price of HMSTR in what is known as pre-market trading, the results were particularly depressing in terms of money

Most news stories have centered on rumors about the highly anticipated release of HMSTR, the game’s native token, and its estimated value. The team behind the game is now getting notice for a completely different reason as its first season ended after its March launch. Players criticize the team, claim they have been unfairly treated, and have made false promises.

The first season of in-game rewards for Hamster Kombat, the most popular tap-to-earn cryptocurrency game on Telegram in terms of player count, was concluded ahead of the token launch and airdrop this week

The HMSTR tokens that players have accrued are now being allocated as part of the game’s promised reward system, and they will be sent to them as real tokens upon launch. This conversion occurred this past weekend.

The game developers provided further details regarding the supply and distribution of tokens in an X post. Of the 100 billion HMSTR tokens that are expected to be created, 75% will be set aside for the community, according to the team.